US jobless rate falls to 5%; Oct payrolls rises to 271,000

US job growth surged in October after two straight months of tepid gains, with the unemployment rate hitting a 7-1/2-year low in a show of domestic strength that makes it almost likely the Federal Reserve will hike interest rates in December. Nonfarm payrolls increased 271,000 last month, the largest rise since December 2014, the Labor Department said.